EUR/USD Signal - March 22, 2012

Fadi Steitie

| on March 22, 2012 | Updated on March 22, 2012

By: Fadi Steitie

Currency: EUR/USD
Trend Expected Direction: Down within a falling channel.
Method: Elliott Waves and Fibonacci.
Description: Going into a flat correction within falling channel, I can tell wave (B) just reached a critical level which is at 1.31342 and that technically reached wave 4 of 3 of previous motive wave (A). I bounce is expected to unfold wave (C) with a good news from European economy. I would suggest followers to buy a minimum lots probably 10 only and to leave the limit open for further notice.
Recommendation: Buy pair with minimum lots (10 Lots)
Target Area: Open
Stop Loss: 1.30500

Fadi Steitie

Fadi Steitie is an entrepreneur, investor and professional Forex trader who shares Forex signals with DailyForex.com based on his keen understanding of the market. His favorite pair is EUR/ USD because almost 40% of traders trade this pair and it does match most of his pattern recognition strategies. He is an expert in Elliot Wave principles as well as Ichimoku Kinko Hyu which he is currently researching. So far he has not seen many English translated books about this method of technical analysis, however he is continuing to read about it and believe this method has as much to give to traders like the Elliot Waves method does. Fadi is looking for the magic behind this principle even though many do not research this trading system.